recessions (depth, steepness and duration) in the case of the Mexican states employment during the 2001-2003 and 2008 …-2009 recessions. The original models are extended to include the effects of external and fiscal shocks, as measured by the annual … steepness of prior recessions (as measured by the percentage accumulated drop and the monthly average growth rate of employment …

corporate) and the depth of recessions. To do this, we differentiate between financial recessions and normal recessions on the … basis of how quickly their private debt builds up. In addition to output recessions, we look at consumption and investment … recessions. We find that financial recessions are deeper than normal recessions in advanced economies−and the differences become …